Identity theft and identity fraud have become increasingly serious problems as devices for engaging in financial transactions have increased in number. These fraudulent activities have become very costly to consumers, merchants, financial institutions, and others.
Prior systems provide various fraud deterrent techniques. For example, near field communications protocols, such as Bluetooth and RFID, allow a consumer to exchange transaction information with a merchant without physical contact between the consumer's near field communication enabled payment device and the merchant's near field communication enabled access device. The problem is that all consumers do not have payment devices that support near field communications. Thus, all consumers cannot take advantage of contactless payment mechanisms.
Embodiments of this disclosure address these and other problems, individually and collectively.